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A firm has a market value equal to its book value. Currently, the firm has excess cash of $500 and other assets of $9,500. Equity

A firm has a market value equal to its book value. Currently, the firm has excess cash of $500 and other assets of $9,500. Equity is worth $10,000. The firm has 1,000 shares of stock outstanding and net income of $1,080. What will the new earnings per share be if the firm uses its excess cash to complete a stock repurchase?

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